Gearing up for climate change

by 04 Aug 2009

While businesses are beginning the journey of adapting to emerging carbon constraints, a recent report has found that there is a lack of understanding about the proposed Car bon Pollution Reduction Scheme (CPRS) and a worrying surge in regulation associ ated with greenhouse gas emissions.

The report, conducted by the Australian Industry Group and KPMG, found that more than 30 per cent of businesses have no knowledge of the key elements of the scheme, while 55 per cent of businesses said they are currently not taking steps to become better informed.

“It’s essential for business to move be yond a simple compliance focus to a com prehensive business strategy that creates value and competitive advantage,” said KPMG’s national partner in charge of sus tainability, climate change & water, Jen nifer Westacott.

“While some companies are leading the way and making good progress, there is much work to be done. It’s critical that gov ernment and business factor in realistic lead times for all sectors of the Australian economy to be ready for this significant change.”

The report also found that about one- third of businesses have assessed cost impacts of the CPRS and ways to reduce these impacts, while more than one-quar ter have assessed opportunities arising from the CPRS.

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